Podcast: What experiences can China borrow from US in economic reforms? <img src='/mediafile/201308/20/F201308200959344577171491.gif'>

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Podcast: What experiences can China borrow from US in economic reforms?

By Li Zhenyu (People's Daily Online) 16:34, September 10, 2013

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China has reached a turning point in its development path. Economic reform is a must.

People's Daily Online Business Podcast by Li Zhenyu
Now, all eyes are on China's new round of economic reforms.

The economic reform is high on the agenda of China's new leadership, and the global business community has been keeping a close eye on it.

Transforming the growth model is vital for China's long-term development, and the reform is also critical for the global economy because of the important role China plays.

It is beyond doubt that China is determined to implement the economic reforms even though its economy may grow at a slower pace as a result.

What is also beyond all question is the United States' status as the world's largest and most developed economy.

In regard to the economic reforms, are there any experiences that China can borrow from the world's most developed economy?

John Wilson is an U.S. economist who works for the World Bank as a lead economist and has spent a considerable amount of time in China doing work on trade issues. He recently shared with me his perspectives on this question.

Q: What can China learn from the past experiences from the U.S. in that regard?

A: You know, steps toward openness and market reform, steps toward liberalizing trade and investment. It's not just the U.S., but you can look at any country over the past number of decades that have relied increasingly on private market forces and market signals that have been engaged in efforts to open trade. They can be significant benefits to continuing prospects for economic growth.

Given the changes in the global economy, you know, post crisis, any countries that engage in steps to rely on private market forces, advancing openness and transparency, are tremendous benefits to prospects for growth.

I think China should continue to advance openness and integration in the global economy, and continue to take steps to restructure and rebalance its economy.

China's continued reform and steps toward transparency and openness can certainly well serve China and the global economy. A vibrant, engaged China along with every other country is very important to the overall global economic prospects.

（Editor：LiZhenyu、Hongyu）